Policy Governing Gifts of Real Estate The Methodist Hospital Foundation

Contents Foundation Home Page Board of Directors Fund Raising Policy Mission Statement Naming Policy Policy Governing Gifts of Real Estate Hospitality House Gifts of real estate may include gifts which are associated with physical property such as structures, agriculture products, minerals, and other property rights that can be transferred by deed. Because of legal costs and possible financial burdens associated with gifts of real estate, the following guidelines will be complied with before a gift of real property is accepted by the Foundation: All gifts of real estate will be subject to an environmental assessment. The Foundation will cause an initial on-site inspection of all proposed real estate gifts by agents of the Foundation. If the initial inspection suggests that further environmental study should be conducted, the Foundation will employ an environmental specialist to inspect the property. Determination of the need to employ an environmental specialist will be at the discretion of the Director of Development, the President, the Chairpersons of the Board and the Finance Committee. Before the employment of an environmental specialist, the donor will provide a preliminary title policy on the proposed real estate gift. The purpose of this requirement is to assist the Foundation's legal counsel to determine if the property was ever used for commercial purposes or may have been used in such a way as to be suspect for environmental cleanup. The donor will provide a title policy on all real estate at the time of the gift. Donors of real property should conduct their own environmental assessments of the property they wish to gift for the purpose of attesting, in a notarized statement, that the property is free of environmental hazard.

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